Spend Recovery Audits: Can you afford to ignore them?

© BravoSolution & Twice2much- All rights reserved CONFIDENTIAL

By Andrew Cushion, Managing Director, Twice2much In partnership with BravoSolution


“Analysis by the Cabinet Office shows that if all government departments, agencies and non-departmental public bodies undertake these (Spend Recovery) audits we will be able to recover £100 million. So by December 2013 everyone will have to do this. It’s low risk, with high potential rewards.”

Francis Maude, Minister of the Cabinet Office, Feb 2012


FACT:

Duplicate payments happen. Even some of the most complex and sophisticated finance functions in the world, with strict and well resourced control processes, make erroneous duplicate payments.


Spend recovery audits can be achieved at no cost to public sector

organisations or the tax payer


So what questions should you ask when considering a Spend Recovery audit?

1. Is it the right time?

2. How easily can I get my hands on the correct level of data?

3. What are the wider benefits of a Spend Recovery audit?

4. Should I insource or outsource?

5. If significant recoveries are made, will this reflect badly on my finance team?

6. How long will the exercise take?

7. Will my data remain secure and confidential?

8. How often should I repeat a Spend Recovery audit?

9. Do I need to tender to find a provider?

10. Is there a wider scope for savings?


For all of the answers and further information, please visit:

www.bravosolution.com/recovery

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Spend Recovery Audits: Can you afford to ignore them?